Wal-Mart said Thursday that Greg Foran will replace Bill Simon as its U.S. CEO.

Simon has been in the role since June 2010. He was a top candidate to become CEO of the whole company, but that job went to Doug McMillion in Feb.

Simon will leave the company in a few weeks and start a six-month consulting contract.

'When someone else gets (the job) out of two candidates, it's not unexpected when the other person leaves to go do something else," said Walmart spokesman David Tovar.

Wal-mart's stock was down just under 1% to about $76.30 after the market's open.

Foran will take over on August 9 and report directly to Wal-Mart President and CEO Doug McMillon. Simon will be available on a consulting basis for the next six months "to ensure a seamless transition," the company said.

Walmart CEO Doug McMillon was named last November and started as U.S. CEO in February, making the change at the top of U.S. operations his first major appointment.

Sales in the U.S. have been sluggish for Walmart, which reported its smallest growth in quarterly sales in nearly five years in May.

"Greg is one of the most talented retailers I've ever met. " McMillon said in a press release. "His depth of knowledge and global experience will bring a fresh perspective to our business."

As part of a retirement agreement reached last Friday, a Securities and Exchange filing from today shows Foran will earn a salary of $950,000. Simon will get $4.5 million as part of retirement package, the filing shows.

McMillon had "a number of conversations" with Simon about "the right time to leave," said Tovar. Simon wanted to stay on through a transition period, which will give him time to "figure out his next challenge," says Tovar.

McMillon didn't spare enthusiasm for his new promotion. He cited Foran's "passion for fresh food, experience in general merchandise and commitment to e-commerce," which he said will help the retailer better serve customers.

The company, like most retailers, blamed severe winter weather in the Northeast, which kept shoppers out of its stores. The company was hit harder than perhaps any retailers by the federal slash in Supplemental Nutrition Assistance Program benefits - also known as food stamps. At least 20% of Wal-Mart's customers are on food stamps.

Foran is a 35-year retail veteran, Foran joined the company in October 2011 and became President and CEO of Wal-Mart China in March 2012.

Before Wal-Mart, Foran held a number of roles with Woolworths, the leading retailer in Australia and New Zealand.